China Stocks are Plummeting in the US

By That's, July 28, 2021

0 0

The Nasdaq Golden Dragon China Index has dropped 15% in the last two trading days.

The index follows the 98 biggest US-listed Chinese stocks – which have fallen 45% since a record high in February 2020, according to BBC.

Investor confidence has apparently faded since Beijing cracked down on tech giants and education firms based in China.

The government recently administered new changes to the education sector, stating that “Curriculum subject-tutoring institutions are not allowed to go public for financing; listed companies should not invest in the institutions, and foreign capital is barred from such institutions.”

In addition, Chinese regulators have also clamped down on one of the country’s most popular waimai options – Meituan. China’s State Administration for Marketing Regulation recently issued new rules to improve the conditions of waimai drivers.

The marketing regulator called for Meituan to pay drivers a minimum wage, be given better training and have their workload eased, as cited by BBC.

On Tuesday, Meituan shares dropped a record 17.6% in Hong Kong markets – in addition to a 14% fall on Monday.

As for China-based education sector US-listed stocks, USD770 billion has been swiped off in the last five months.

China’s regulators have been more focused on US-listed Chinese companies as of late. Alibaba, which was listed on NASDAQ in 2014, was given a USD2.8 billion fine for abuse of market position.

[Cover image via Pixabay]

more news

COVID-19: China’s Battle Against the Omicron Variant

China's battle against locally transmitted cases of the omicron variant has already begun with cases found in Tianjin.

China Issues COVID-19 Parcel Warning After Beijing Omicron Case

Case believed to have come from an international parcel from Canada.

More Than Politics: Pursuing an International Relations Degree in China

A degree in International Relations can help us confront the complexities of the 21st Century.

Beijing’s Winter Olympics Warning as COVID-19 Wave Hits China

The warning comes as a number of outbreaks of COVID-19 occur across China.

China Clamps Down On Winter Holiday Private Tutoring

Local authorities are keen to enforce the Double Reduction Policy, which changed China's private education sector as we know it.

WATCH: Truck Hangs Off Cliff in North China’s Shanxi Province

Video footage emerged on January 4 showing a truck carrying heavy goods hanging from the side of a cliff.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With

Weekly updates to your email inbox every Wednesday


Download previous issues

Never miss an issue of That's Magazines!

Visit the archives